Posted on: 03rd Nov, 2005 09:33 pm
I don't have any clue on credit score but my lender says that a credit score reduces by 15 points every time I order a credit report. That means my credit score will get lowered by 45 points if I order a credit report from 3 different agencies. Can I get your thoughts on that?
-camela
-camela
Hi Camela,
I think your lender lacks knowledge on how credit score works.
First of all, let me clarify that getting credit report from 3 different agencies will not lower your credit score by 45 points. As long as you are applying for a home loan, you will not be penalized for more than one request within two weeks.
According to experts there are thousands of credit scores used by lenders. In mortgage lending market, credit reports developed by the FICO (Fair Isaac Corporation) are predominant because of the policies made by secondary market investors like Fannie Mae and Freddie Mac.
God Bless You
Thanks,
Samantha
I think your lender lacks knowledge on how credit score works.
First of all, let me clarify that getting credit report from 3 different agencies will not lower your credit score by 45 points. As long as you are applying for a home loan, you will not be penalized for more than one request within two weeks.
According to experts there are thousands of credit scores used by lenders. In mortgage lending market, credit reports developed by the FICO (Fair Isaac Corporation) are predominant because of the policies made by secondary market investors like Fannie Mae and Freddie Mac.
God Bless You
Thanks,
Samantha
Hi Camela,
I do not understand how your lender gave such wrong information. I feel he shouldn't have misguided you on some assumption, if I believe that it was not intentional.
Your score is not going to be affected because of taking the report from the different agencies. Only if the information provided to the three agencies varies with each other, then they may affect your score.
So, you can ask for clarification on his statement regarding this issue.
Good luck.
Regards,
Blue
I do not understand how your lender gave such wrong information. I feel he shouldn't have misguided you on some assumption, if I believe that it was not intentional.
Your score is not going to be affected because of taking the report from the different agencies. Only if the information provided to the three agencies varies with each other, then they may affect your score.
So, you can ask for clarification on his statement regarding this issue.
Good luck.
Regards,
Blue
